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TCG Crossover Management, LLC

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13F filer, CIK 1839948, PALO ALTO, CA

TCG Crossover Management, LLC reported $3,021,699,270 across 43 holdings for the quarter ended 2025-12-31, in a 13F-HR filed 2026-02-17. Its ten largest share positions make up 64.34% of the portfolio.

Filed (acceptance time not in the bulk data set), ingested 13F-HR 0001214659-26-001871

Period
2025-12-31
Reported value
$3.02B
Holdings
43
Top 10 weight
64.34%
New
8
Sold out
5

Largest buys vs the previous quarter

SecurityShares changeApprox. value
GLUEnew+4,622,151$72.5M
BHVNnew+4,631,317$52.3M
IMVTnew+1,660,933$42.2M
TNGXadded+4,225,898$37.4M
ADCTadded+10,000,000$35.3M

Ranked by the share change valued at this quarter's implied price (value over shares in the 13F). A position sold out is valued at the previous quarter's price, its last report.

Largest sells vs the previous quarter

SecurityShares changeApprox. value
Tourmaline Bio Incexited-1,311,783-$62.7M
UPBreduced-1,373,217-$37.3M
COGTreduced-930,000-$33M
IRONexited-465,257-$30.7M
ASTRIA THERAPEUTICS INCexited-2,761,861-$20.1M

Ranked by the share change valued at this quarter's implied price (value over shares in the 13F). A position sold out is valued at the previous quarter's price, its last report.

Holdings, Q4 2025

Share positions as resolved from 13F-HR 0001214659-26-001871, largest first. % of portfolio is the value over $3,021,699,270, the sum of the share positions whose value is usable for ratios (method).

SecurityHistorySharesValue% of portfolioChangeLatest eventTimeline
ABVXABIVAX SAQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 6,056,596 shares; 2024Q4: 6,056,596 shares; 2025Q1: 6,056,596 shares; 2025Q2: 6,056,596 shares; 2025Q3: 7,111,596 shares; 2025Q4: 7,111,596 shares 7,111,596$959M31.74%0Timeline
COGTCOGENT BIOSCIENCES INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 6,964,375 shares; 2024Q4: 6,964,375 shares; 2025Q1: 6,964,375 shares; 2025Q2: 6,964,375 shares; 2025Q3: 6,798,162 shares; 2025Q4: 5,868,162 shares 5,868,162$208M6.9%-930,000Timeline
CGONCG ONCOLOGY INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 3,670,206 shares; 2024Q4: 3,670,206 shares; 2025Q1: 3,670,206 shares; 2025Q2: 3,670,206 shares; 2025Q3: 3,670,206 shares; 2025Q4: 3,670,206 shares 3,670,206$152M5.04%0Timeline
TNGXTANGO THERAPEUTICS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: 10,736,000 shares; 2025Q1: 10,736,000 shares; 2025Q2: 10,736,000 shares; 2025Q3: 8,536,196 shares; 2025Q4: 12,762,094 shares 12,762,094$113M3.74%+4,225,898Timeline
CNTACENTESSA PHARMACEUTICALS PLCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 2,890,816 shares; 2024Q4: 2,890,816 shares; 2025Q1: 2,890,816 shares; 2025Q2: 2,890,816 shares; 2025Q3: 3,136,480 shares; 2025Q4: 4,286,480 shares 4,286,480$107M3.55%+1,150,000Timeline
DYNDYNE THERAPEUTICS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 2,650,150 shares; 2024Q4: 2,650,150 shares; 2025Q1: 2,650,150 shares; 2025Q2: 3,766,660 shares; 2025Q3: 4,615,144 shares; 2025Q4: 4,615,144 shares 4,615,144$90.3M2.99%0Timeline
RAPTRAPT THERAPEUTICS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: 1,636,275 shares; 2025Q3: 1,636,275 shares; 2025Q4: 2,582,408 shares 2,582,408$87.5M2.89%+946,133Timeline
TYRATYRA BIOSCIENCES INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 1,989,103 shares; 2024Q4: 1,989,103 shares; 2025Q1: 2,898,103 shares; 2025Q2: 2,898,103 shares; 2025Q3: 2,898,103 shares; 2025Q4: 2,898,103 shares 2,898,103$76.2M2.52%0Timeline
AMLXAMYLYX PHARMACEUTICALS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 4,643,812 shares; 2024Q4: 4,643,812 shares; 2025Q1: 5,943,812 shares; 2025Q2: 5,943,812 shares; 2025Q3: 6,243,812 shares; 2025Q4: 6,243,812 shares 6,243,812$75.4M2.5%0Timeline
SVRASAVARA INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 12,362,205 shares; 2024Q4: 12,362,205 shares; 2025Q1: 12,362,205 shares; 2025Q2: 12,362,205 shares; 2025Q3: 12,362,205 shares; 2025Q4: 12,362,205 shares 12,362,205$74.5M2.47%0Timeline
GLUEMONTE ROSA THERAPEUTICS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: not reported; 2025Q4: 4,622,151 shares 4,622,151$72.5M2.4%newTimeline
OCULOCULAR THERAPEUTIX INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 5,319,148 shares; 2024Q4: 5,319,148 shares; 2025Q1: 5,319,148 shares; 2025Q2: 5,319,148 shares; 2025Q3: 6,117,232 shares; 2025Q4: 5,740,231 shares 5,740,231$69.7M2.31%-377,001Timeline
DNTHDIANTHUS THERAPEUTICS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: 1,501,624 shares; 2025Q1: 1,501,624 shares; 2025Q2: 1,501,624 shares; 2025Q3: 1,676,624 shares; 2025Q4: 1,676,624 shares 1,676,624$69.1M2.29%0Timeline
EYPTEYEPOINT INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 922,335 shares; 2024Q4: 3,572,335 shares; 2025Q1: 3,572,335 shares; 2025Q2: 3,572,335 shares; 2025Q3: 3,572,335 shares; 2025Q4: 3,572,335 shares 3,572,335$65.3M2.16%0Timeline
GPCRSTRUCTURE THERAPEUTICS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 1,063,000 shares; 2024Q4: 1,063,000 shares; 2025Q1: 1,063,000 shares; 2025Q2: 1,063,000 shares; 2025Q3: 1,063,000 shares; 2025Q4: 920,857 shares 920,857$64M2.12%-142,143Timeline
SYRESPYRE THERAPEUTICS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: 1,100,582 shares; 2025Q4: 1,900,582 shares 1,900,582$62.3M2.06%+800,000Timeline
FULCFULCRUM THERAPEUTICS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 5,250,000 shares; 2024Q4: 5,250,000 shares; 2025Q1: 5,250,000 shares; 2025Q2: 5,250,000 shares; 2025Q3: 5,250,000 shares; 2025Q4: 5,250,000 shares 5,250,000$59.4M1.97%0Timeline
LQDALIQUIDIA CORPORATIONQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: 1,710,084 shares; 2025Q4: 1,710,084 shares 1,710,084$59M1.95%0Timeline
BHVNBIOHAVEN LTDQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: not reported; 2025Q4: 4,631,317 shares 4,631,317$52.3M1.73%newTimeline
IMVTIMMUNOVANT INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: not reported; 2025Q4: 1,660,933 shares 1,660,933$42.2M1.4%newTimeline
KODKODIAK SCIENCES INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 1,008,158 shares; 2024Q4: 1,145,538 shares; 2025Q1: 1,145,538 shares; 2025Q2: 1,145,538 shares; 2025Q3: 1,145,538 shares; 2025Q4: 1,445,538 shares 1,445,538$40.4M1.34%+300,000Timeline
ADCTADC THERAPEUTICS SAQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: 1,390,175 shares; 2025Q4: 11,390,175 shares 11,390,175$40.2M1.33%+10,000,000Timeline
LBRXLB PHARMACEUTICALS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: 1,745,016 shares; 2025Q4: 1,745,015 shares 1,745,015$38.8M1.29%-1Timeline
XNCRXENCOR INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 2,427,138 shares; 2024Q4: 2,452,138 shares; 2025Q1: 2,452,138 shares; 2025Q2: 2,452,138 shares; 2025Q3: 2,452,138 shares; 2025Q4: 2,452,138 shares 2,452,138$37.5M1.24%0Timeline
RVMDREVOLUTION MEDICINES INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: 436,473 shares; 2025Q4: 436,473 shares 436,473$34.8M1.15%0Timeline
AGIOAGIOS PHARMACEUTICALS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: 697,003 shares; 2025Q3: 1,430,041 shares; 2025Q4: 1,181,841 shares 1,181,841$32.2M1.06%-248,200Timeline
ARVNARVINAS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: 1,617,365 shares; 2025Q4: 2,666,216 shares 2,666,216$31.6M1.05%+1,048,851Timeline
RLAYRELAY THERAPEUTICS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: 1,810,351 shares; 2025Q4: 3,220,186 shares 3,220,186$27.2M0.9%+1,409,835Timeline
JANXJANUX THERAPEUTICS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: not reported; 2025Q4: 1,789,617 shares 1,789,617$24.7M0.82%newTimeline
TRDAENTRADA THERAPEUTICS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 584,955 shares; 2024Q4: 584,955 shares; 2025Q1: 584,955 shares; 2025Q2: 584,955 shares; 2025Q3: 584,955 shares; 2025Q4: 2,088,392 shares 2,088,392$21.5M0.71%+1,503,437Timeline
MBXMBX BIOSCIENCES INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 650,000 shares; 2024Q4: 650,000 shares; 2025Q1: 650,000 shares; 2025Q2: 650,000 shares; 2025Q3: 650,000 shares; 2025Q4: 650,000 shares 650,000$20.5M0.68%0Timeline
UPBUPSTREAM BIO INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: 2,801,763 shares; 2025Q1: 2,801,763 shares; 2025Q2: 2,801,763 shares; 2025Q3: 2,117,103 shares; 2025Q4: 743,886 shares 743,886$20.2M0.67%-1,373,217Timeline
SLNSILENCE THERAPEUTICS PLCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 3,033,560 shares; 2024Q4: 3,033,560 shares; 2025Q1: 3,033,560 shares; 2025Q2: 3,033,560 shares; 2025Q3: 3,033,560 shares; 2025Q4: 3,033,560 shares 3,033,560$18.4M0.61%0Timeline
URGNUROGEN PHARMA LTDQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: 717,347 shares; 2025Q4: 717,347 shares 717,347$16.8M0.56%0Timeline
ALECALECTOR INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: not reported; 2025Q4: 10,000,000 shares 10,000,000$15.6M0.52%newTimeline
MNPRMONOPAR THERAPEUTICS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: 153,000 shares; 2025Q4: 141,915 shares 141,915$9.27M0.31%-11,085Timeline
AVTXAVALO THERAPEUTICS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 483,000 shares; 2024Q4: 483,000 shares; 2025Q1: 483,000 shares; 2025Q2: 483,000 shares; 2025Q3: 483,000 shares; 2025Q4: 483,000 shares 483,000$8.77M0.29%0Timeline
MAZEMAZE THERAPEUTICS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: not reported; 2025Q4: 173,816 shares 173,816$7.2M0.24%newTimeline
MIRMMIRUM PHARMACEUTICALS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: not reported; 2025Q4: 62,049 shares 62,049$4.9M0.16%newTimeline
LONALEONABIO INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: not reported; 2025Q4: 464,398 shares 464,398$3.35M0.11%newTimeline
KRROKORRO BIO INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: 416,301 shares; 2025Q4: 416,301 shares 416,301$3.33M0.11%0Timeline
VTYXVENTYX BIOSCIENCES INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 316,195 shares; 2024Q4: 316,195 shares; 2025Q1: 316,195 shares; 2025Q2: 316,195 shares; 2025Q3: 316,195 shares; 2025Q4: 316,195 shares 316,195$2.86M0.09%0Timeline
VTGNVISTAGEN THERAPEUTICS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 2,676,580 shares; 2024Q4: 2,676,580 shares; 2025Q1: 2,676,580 shares; 2025Q2: 2,676,580 shares; 2025Q3: 2,676,580 shares; 2025Q4: 2,676,580 shares 2,676,580$1.77M0.06%0Timeline

Sold out in Q4 2025

Positions in the previous quarter's report that this quarter's report no longer lists.

SecurityShares beforeValue beforeType
Tourmaline Bio IncTourmaline Bio Inc1,311,783$62.7Mshares
IRONDISC MEDICINE INC465,257$30.7Mshares
ASTRIA THERAPEUTICS INCASTRIA THERAPEUTICS INC2,761,861$20.1Mshares
ADVERUM BIOTECHNOLOGIES INCADVERUM BIOTECHNOLOGIES INC1,668,174$7.56Mshares
PEPGPEPGEN INC1,200,000$5.54Mshares

How Q4 2025 was built

Available 13F filings of this filer for the quarter and their roles: the base report is the latest original or restatement, NEW HOLDINGS amendments filed after it are added (method).

FilingRoleAmendmentFiledAcceptedIngested
13F-HR 0001214659-26-001871 base2026-02-17acceptance time not in the bulk data set